1. Field of the Invention
There is an increasing demand by consumers for convenient systems to obtain and pay for goods and services via internet-connected devices, including mobile telephones, hand-held devices, laptop computers, or other electronic device. Often, these devices use software commonly known as a mobile phone application, or app. An application, or app, is a piece of software that can run on the internet, on a computer, on a phone or other electronic device.
2. Description of the Related Art
Many current payment systems use various mobile phone apps that communicate with an access device to complete transactions with consumers. These payment systems require merchants use payment processing devices at the point of sale to complete transactions. The consumer moves a phone bearing a payment app in front of the access device at the store to complete a transaction. In these systems, each merchant must have a point-of-sale access device to complete transactions with consumers.
Other methods require consumers to carry a card or cards with specific information encoded on the card. Merchants must have a payment processing device at the point of sale to complete transactions with consumer using encoded cards.